DIA vs. CVSE

Last updated Jun 4, 2026

DIA (State Street SPDR Dow Jones Industrial Average ETF Trust) and CVSE (Calvert US Select Equity ETF) are both Large Cap Blend Equities funds. DIA is passively managed, while CVSE is actively managed. Over the past 3 years, DIA returned 16.45%/yr vs 13.34%/yr for CVSE. A 0.74 correlation means they provide meaningful diversification when combined. DIA charges 0.16%/yr vs 0.29%/yr for CVSE.

Performance

DIA vs. CVSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) and Calvert US Select Equity ETF (CVSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DIA

• 1D: -1.13%
• 1M: 3.88%
• YTD: 6.26%
• 6M: 6.75%
• 1Y: 21.13%
• 3Y*: 16.45%
• 5Y*: 9.76%
• 10Y*: 13.21%

CVSE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 8.06%
• 3Y*: 13.34%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DIA vs. CVSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	6.26%	14.71%	14.82%	12.68%
CVSE Calvert US Select Equity ETF	0.00%	10.14%	19.11%	13.35%

Correlation

The correlation between DIA and CVSE is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.74

Over the past year, the correlation between DIA and CVSE has dropped to 0.44 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

DIA vs. CVSE - Sectors Allocation Comparison

Sectors	DIA	CVSE
Financial Services	27.2%	16.3%
Industrials	18.4%	11.3%
Technology	17.1%	39.5%
Healthcare	13.1%	10.3%
Consumer Cyclical	11.6%	7.0%
Consumer Defensive	4.4%	1.7%
Basic Materials	4.0%	2.7%
Energy	2.4%	-
Communication Services	1.9%	5.1%
Real Estate	-	3.5%
Utilities	-	2.5%

Return for Risk

DIA vs. CVSE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DIA

DIA Risk / Return Rank: 48
DIA Sharpe Ratio Rank: 50
DIA Sortino Ratio Rank: 52
DIA Omega Ratio Rank: 49
DIA Calmar Ratio Rank: 43
DIA Martin Ratio Rank: 49

CVSE

CVSE Risk / Return Rank: 46
CVSE Sharpe Ratio Rank: 36
CVSE Sortino Ratio Rank: 37
CVSE Omega Ratio Rank: 67
CVSE Calmar Ratio Rank: 54
CVSE Martin Ratio Rank: 37

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DIA vs. CVSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) and Calvert US Select Equity ETF (CVSE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	DIA	CVSE	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.28	+0.48
Sortino ratio: Return per unit of downside risk	2.57	1.90	+0.67
Omega ratio: Gain probability vs. loss probability	1.31	1.40	-0.09
Calmar ratio: Return relative to maximum drawdown	2.18	2.66	-0.48
Martin ratio: Return relative to average drawdown	8.42	5.71	+2.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIA vs. CVSE - Sharpe Ratio Comparison

The current DIA Sharpe Ratio is 1.76, which is higher than the CVSE Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of DIA and CVSE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DIA	CVSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	1.28	+0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.92	-0.43

Drawdowns

DIA vs. CVSE - Drawdown Comparison

The maximum DIA drawdown since its inception was -51.87%, which is greater than CVSE's maximum drawdown of -20.29%. Use the drawdown chart below to compare losses from any high point for DIA and CVSE.

Drawdown Indicators

	DIA	CVSE	Difference
Max Drawdown Largest peak-to-trough decline	-51.87%	-20.29%	-31.58%
Max Drawdown (1Y) Largest decline over 1 year	-9.76%	-3.08%	-6.68%
Max Drawdown (3Y) Largest decline over 3 years	-15.95%	-20.29%	+4.34%
Max Drawdown (5Y) Largest decline over 5 years	-20.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.70%	—	—
Current Drawdown Current decline from peak	-1.13%	-1.68%	+0.55%
Average Drawdown Average peak-to-trough decline	-7.14%	-2.69%	-4.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	1.42%	+1.10%

Volatility

DIA vs. CVSE - Volatility Comparison

State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) has a higher volatility of 2.97% compared to Calvert US Select Equity ETF (CVSE) at 0.00%. This indicates that DIA's price experiences larger fluctuations and is considered to be riskier than CVSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIA	CVSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.97%	0.00%	+2.97%
Volatility (6M) Calculated over the trailing 6-month period	9.28%	0.00%	+9.28%
Volatility (1Y) Calculated over the trailing 1-year period	12.10%	6.49%	+5.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.78%	13.87%	+0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.53%	13.87%	+3.66%

DIA vs. CVSE - Expense Ratio Comparison

DIA has a 0.16% expense ratio, which is lower than CVSE's 0.29% expense ratio.

Dividends

DIA vs. CVSE - Dividend Comparison

DIA's dividend yield for the trailing twelve months is around 1.38%, more than CVSE's 0.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVSE Calvert US Select Equity ETF	0.59%	0.81%	1.05%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIA State Street SPDR Dow Jones Industrial Average ETF Trust	1.38%	1.43%	1.61%	1.81%	1.91%	1.58%	1.87%	1.85%	2.24%	1.97%	2.26%	2.33%

Frequently Asked Questions

Can I hold both DIA and CVSE in my portfolio?

DIA and CVSE have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIA or CVSE?

DIA has higher volatility (2.97%) compared to CVSE (0.00%). In terms of maximum drawdown, DIA dropped -51.87% vs CVSE's -20.29%.

Which ETF is better, DIA or CVSE?

On 3-year performance, DIA leads with 16.45% vs 13.34% for CVSE. On fees, DIA is cheaper at 0.16% per year. On volatility, CVSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIA or CVSE?

Over the 3-year period, DIA has performed better with a 16.45% return vs 13.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIA or CVSE?

DIA is cheaper with a 0.16% expense ratio, compared with 0.29% for CVSE.

Which ETF pays a higher dividend yield, DIA or CVSE?

DIA has the higher dividend yield at 1.38%, compared with 0.59% for CVSE.

What is the main difference between DIA and CVSE?

They also come from different issuers: State Street and Calvert. Their fees differ too: 0.16% for DIA and 0.29% for CVSE.

Which has better risk-adjusted returns?

DIA currently has the higher Sharpe Ratio (1.76 vs 1.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.